5% Down Payment on Burned 4 plex

[Christopher Dunson]

Hello I just offered on a 4 plex that has 1 burned unit. Because all of my other funding at the moment is tied up I decided a partnership might be the best choice, so I partnered up with somebody. The plan was to go more of the conventional route, and I am/ was looking towards the programs that have 5% or less for a down payment. The lender we qualified them under is hesitant, and not sure if this type of loan is allowed for a 4 plex in this type of condition. But I am the type of person that is not looking for a not sure or it's not possible, I'm looking for the how can I going the owner occupied/ 5% down route. I would refinance out of this in 3 mo. or less and get all of mine and partners money back out. I have read of some people doing the necessary renovation before even closing on a property and am considering this path, but legally I am not sure how to go about it. Thank you for all help in advance :)